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Shops Off Broadway (Massive Upside) 1501-1567 Broadway St N

128,929 SF 93% Leased 4-Star Retail Building Menomonie, WI 54751 $12,410,348 CAD ($96 CAD/SF) 8% Cap Rate

Investment Highlights

  • 129,000 Square Foot Neighborhood Center
  • Massive Upside Opportunity | Landlord has an LOI from a National Tenant for the Remaining Vacant Space (See Agent for more Details)
  • Shadow Anchors McDonald’s (Top 18% Nationwide), Taco Bell (Top 25% Nationwide) & Starbucks (Top 31% Nationwide) Via Placer.ai Ranks # of Annual Visits
  • 93% Occupancy | Zero Lease Rollover until at least 2027 | 73% of the GLA is Leased until at least 2033
  • 9.90% Pro Forma Cap Rate (based off of Terms Offered in the Lease LOI)
  • Menomonie is Home to the University of Wisconsin-Stout Campus | 6,900+ Enrollment | NCAA Division III – WIAC

Executive Summary

Marcus & Millichap is pleased to present the Shops off Broadway in Menomonie, Wisconsin.
The Shops off Broadway is a fully stabilized investment being offered at 93 percent occupancy. There is one vacant space, however the landlord has an LOI from a national tenant for the space. Thus, a future investor is strategically capturing the upside in the new lease by securing favorable terms that are not yet factored into the property’s current valuation, strategically positioning themselves to immediately benefit from the net operating income injection from the new tenant. The addition of the prospective national tenant significantly enhances the value of the investment, creating the opportunity for a purchaser to capture the incremental value in the form of a future sale or a refinance at the increased value.
Shops off Broadway is a 129,000 square foot neighborhood center that sits on more than 8 acres in the heart of the Interstate 94 exit corridor. The corridor is home to a large Fleet Farm, Marketplace Foods, Slumberland Furniture, Marshalls, multiple hotels and car dealerships, and several quick service and fast-food restaurants that drive the traffic to this area. The center shadow anchors a McDonald’s, Starbucks and Taco Bell and is adjacent to Walgreens, Arby’s and Wendy’s.
There is a Walmart Supercenter positioned on the north side of Interstate 94, which is in the top 46th percentile in the country in terms of number of annual visits. There is also a large Walmart distribution facility on the northeast side of town, which was 1 of the 25 distribution facilities chosen by Walmart to renovate with automated technologies to modernize its supply chain network.
The University of Wisconsin-Stout campus is located less than two miles away and is home to more than 6,900 students. The campus is 124 acres with 25 major academic buildings, 9 residence halls, and 245 laboratories.

Financial Summary (Actual - 2024)

Annual (CAD) Annual Per SF (CAD)
Gross Rental Income $1,141,592 $8.46
Other Income $356,995 $2.64
Vacancy Loss $214,916 $1.59
Effective Gross Income $1,283,671 $9.51
Taxes $92,018 $0.68
Operating Expenses $198,611 $1.47
Total Expenses $290,628 $2.15
Net Operating Income $993,043 $7.36

Financial Summary (Actual - 2024)

Gross Rental Income (CAD)
Annual $1,141,592
Annual Per SF $8.46
Other Income (CAD)
Annual $356,995
Annual Per SF $2.64
Vacancy Loss (CAD)
Annual $214,916
Annual Per SF $1.59
Effective Gross Income (CAD)
Annual $1,283,671
Annual Per SF $9.51
Taxes (CAD)
Annual $92,018
Annual Per SF $0.68
Operating Expenses (CAD)
Annual $198,611
Annual Per SF $1.47
Total Expenses (CAD)
Annual $290,628
Annual Per SF $2.15
Net Operating Income (CAD)
Annual $993,043
Annual Per SF $7.36

Property Facts

Sale Type
Investment
Property Type
Retail
Property Subtype
Storefront
Building Size
128,929 SF
Building Class
A
LoopNet Rating
4 Star
Year Built/Renovated
1973/2009
Price
$12,410,348 CAD
Price Per SF
$96 CAD
Cap Rate
8%
NOI
$993,043 CAD
Percent Leased
93%
Tenancy
Multiple
Building Height
1 Story
Building FAR
0.37
Land Acres
8.10 AC
Zoning
C-1 - Commercial
Parking
755 Spaces (5.86 Spaces per 1,000 SF Leased)
Frontage
437 ft on Broadway St N

Amenities

  • Signage
  • Signalized Intersection
  • Enclosed Mall

MAJOR TENANTS

  • Tenant
  • Industry
  • SF OCCUPIED
  • RENT/SF
  • Lease Type
  • Lease End
  • Retailer
  • 23,200 SF
  • $7.37 CAD
  • Net
  • Jan 2027

THEY ARE… Dunham’s Sports, the Midwest’s largest sporting goods chain! Their roots go back to 1937 in West Bloomfield, MI, when a small shop called Dunham’s Bait & Tackle opened. Over the years with hard work, great customer service and attention to detail they have grown into a full line sporting goods chain serving customers in states, from Wyoming to Maryland. Every one of their stores nationally offers a full line of traditional sporting goods and athletic equipment as well as a wide variety of active and casual sports apparel and footwear. Their motto at Dunham’s Sports is Big Names…Low Prices. That is what they do everyday, gives their customers the choice of the name brands that they want at the lowest prices possible. Customers will notice this in every Dunham’s Sports store they go into where they will find Hot Deals and Sport Values at prices that may be too low to advertise.

  • Transportation and Warehousing
  • 39,400 SF
  • $3.16 CAD
  • Net
  • Nov 2043

Locally Owned & Operated Since 2011 - Online Pay - Clean - Secure - UW-Stout Alumni Owned Business. They take pride in storing your valuables like they are their own! They are dedicated to providing the best possible customer service. They are committed to offering you exceptional value for your hard earned money. They strive to ensure and amazing experience renting storage. Their website is easy to use and has all the features you need for a rich interactive experience. Pay your bill online 24/7. They make renting storage a hassle free experience. With over 12 years of experience in self storage, why trust your stored items anyplace else? Proud members of the Wisconsin Self Storage Association and past President of the Association. They understand the unique needs of the discerning storage customer!

  • Arts, Entertainment, and Recreation
  • 15,162 SF
  • $20.85 CAD
  • Net
  • Apr 2033

Fitness 1440 provides the best gyms and 24 hour fitness centers across the US. For over a decade they’ve put their gym members on the path toward becoming a healthier, fitter you! Their gym services include personal training, group exercise, cardio, group training, and more. Their mission is to help you meet your health and fitness goals. Their founder launched FITNESS:1440™ in 2011, on the premise of giving more than they take. FITNESS:1440™ exists to provide the resources, insights, and support you need to feel your best. They understand what it is like to start a new fitness routine. Not everyone starts in the same place, and they take this into account while helping you develop a game plan. They have many options available to help you get in shape, and their goal is to provide you with everything you need to have the greatest chance of success.

  • Accommodation and Food Services
  • 22,526 SF
  • $8.92 CAD
  • Net
  • Apr 2033

Welcome to the Stout Craft Co. and Broadway Bowl in Menomonie, WI. Located in the Shop’s Off Broadway Mall. They offer a full menu featuring craft burgers, sandwiches, pizzas and appetizers! The Stout Craft Co. has a full service bar with over 18 beers on tap. They have LED TVs, and projection screens giving you ample viewing ability to watch your favorite sports teams. They even offer private sky box rooms for you to host a small party or watch the game with your friends. Do you like pool and darts? Stout Craft Co. has tables and boards and Axe Throwing! Broadway Bowl, located in the same building as the Stout Craft Co., features 20 bowling lanes, with nightly specials and many leagues of all skill sets. From Bowling Tournaments like the 2016 WI Senior Women’s State Tournament, to Major National Act Concerts like Rodney Atkins and Pop Evil, the Stout Craft Co. and Broadway Bowl is your one stop destination for entertainment in Menomonie, WI.

Tenant Industry SF OCCUPIED RENT/SF Lease Type Lease End
Retailer 23,200 SF $7.37 CAD Net Jan 2027
Transportation and Warehousing 39,400 SF $3.16 CAD Net Nov 2043
Arts, Entertainment, and Recreation 15,162 SF $20.85 CAD Net Apr 2033
Accommodation and Food Services 22,526 SF $8.92 CAD Net Apr 2033

Nearby Major Retailers

Coborn's
Perkins Restaurant & Bakery
Caribou Coffee
Denny's
Anytime Fitness
Bremer Bank
Applebee's
Snap Fitness
Starbucks
ALDI

PROPERTY TAXES

PROPERTY TAXES

Parcel Number
1725122813221100006
Land Assessment
$146,350 CAD (2023)
Improvements Assessment
$91,696 CAD (2023)
Total Assessment
$238,045 CAD (2023)
Annual Taxes
$92,018 CAD ($0.71 CAD/SF)
Tax Year
2024
  • Listing ID: 33971748

  • Date on Market: 2024-11-22

  • Last Updated:

  • Address: 1501-1567 Broadway St N, Menomonie, WI 54751

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